Economics
Russia Courts Foreign Banks as Funding Crunch Overtakes Politics
- Goldman, Citigroup among 20 foreign underwriters approached
- Allianz says Russia needs to tap Eurobond market this year
Russian Economy: What's the Endgame for Vladimir Putin
This article is for subscribers only.
Pressure is mounting on Russia to break the vow of abstinence on selling Eurobonds it has maintained since the U.S. and Europe slapped sanctions on some of its biggest companies.
In the three weeks since the finance ministry last said there’s no point to go abroad for cash while penalties are still in place, the ruble tumbled to a record amid an oil plunge and rising yields at home made borrowing targets more elusive. The government said on Friday it invited banks from nine countries to submit proposals to broker its return to foreign capital markets, its first mandate since last issuing international bonds in September 2013.